Avantel Ltd Set for Rs 80.90 Crore Growth with Rights Issue

Avantel Ltd plans to raise Rs 80.90 crore through a rights issue to expand its manufacturing facilities in Andhra Pradesh and Telangana. The company will issue over 2 crore equity shares, enhancing its capabilities in electronics, antennas, and satellite communication systems while broadening its equity base.

Avantel Ltd, a renowned provider of technology solutions for the defence and communication sectors, is poised to expand its operations by raising Rs 80.90 crore via a rights issue.

The funds will bolster the company's manufacturing capabilities across Andhra Pradesh and Telangana by establishing state-of-the-art facilities dedicated to electronics, antennas, and satellite communication systems.

Eligible shareholders will receive 10 equity shares for every 121 shares held as of May 7, 2025, as per the company's strategy. The rights issue opens on May 15 and closes on May 22, 2025, potentially extending up to 30 days from the opening. The move will increase Avantel's equity base significantly.

(With inputs from agencies.)